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FENELON GOLD PROJECT

Project Snapshot

Status:Advanced exploration stage (mineral resource definition)
Location:Detour-Fenelon Gold Trend, ~80 km east of Detour Lake gold mine (Kirkland Lake Gold)
Commodity:Gold
Ownership:100% Wallbridge
Current exploration activities:170,000 m of drilling for 2021; starting a 2-year underground development program of 10,000 m
Mineral resources:Maiden mineral resource expected in Q3 2021

[

Drill Hole FA-19-086 (click to enlarge)](https://wallbridgemining.com/site/assets/files/1824/86-01-1.png "Drill Hole FA-19-086")

Details of the drilling program:

A total of 75,000 metres were drilled in 2019, and a fully-funded 100,000 to 120,000 metres of drilling was originally planned for 2020. Due to the temporary COVID-10 shut-down, the Company now estimates to be able to complete between 70,000 and 80,000 metres of resource drilling at Fenelon in 2020 with an additional ~20,000 m of exploration drilling on the newly acquired surrounding ground. Exploration activity has resumed at Fenelon ramping back up to six surface drill rigs by early July.

Prior work by Wallbridge:

Wallbridge initiated exploration immediately after the acquisition of the Fenelon Gold project. The first phase of work was comprised of a review of historic drilling and additional sampling of previously unsampled historic drill core followed by a drilling campaign in 2017 to expand the exploration target near existing infrastructure and above a depth of 150 metres.

Wallbridge has drilled a total of 203,500 metres to the end of 2020. The Company has significantly expanded the footprint of the Fenelon gold system to 1.8 kilometres of strike length, along the Jérémie pluton.

2017-2020 Summary of Exploration and Development Activities

20176,348 m in 33 holes (surface)
  • Mineralization confirmed up to 120 m away from the existing deposit (Main Gabbro Zones)
  • 2 new gold-bearing structures identified: Cayenne and Tabasco corridors
Prefeasibility study on Main Gabbro Zones (February)
  • PFS estimated a Pre-tax Net Cash Flow of $6.6 M and a pre-tax IRR of 92% for the initial ~18 month mine life for the known reserves located above 100 m depth and in close proximity to the existing ramp
  • Measured and Indicated resources for the Main Gabbro Zones were estimated at 91,100 tonnes grading 12.97 g/t Au (38,000 oz) and Inferred resources at 6,500 tonnes grading 9.15 g/t Au (1,900 oz) (based on 5 g/t Au cut-off grade)
20189,730 m in 21 holes (surface)
  • Following known mineralized zones to depths of 300 to 400 m and testing for additional zones away from the mine workings
  • Last hole (FA-18-051) intersected ~200 m wide, previously unknown package of favorable intermediate to mafic host rocks with broad low-grade gold mineralization throughout: 0.90 g/t Au over 105.0 m
  • New discovery named Area 51
10,959 m in 92 holes (UG)
  • UG drilling mainly targeted the high-grade shoots down to 5,130 Level (125 m depth
  • Highlights included: 137. 63 g/t Au over 4.85 m and 48.81 g/t Au over 6.13 m in the Naga Viper Zone and 50.31 g/t Au over 10.13 m and 144.96 g/t Au over 2.12 m in the Chipotle Zone.
Extraction of UG bulk sample
  • Dewatering of the open pit and existing underground infrastructure (Main Gabbro Zones)
  • Completed 2,100 m of underground development, establishing 4 mining horizons and infrastructure required for exploitation of the first 100 m.
  • Bulk sample completed in Q1’2019 produced 33,233 tonnes of material (from 5 stopes) yielding a reconciled average grade of 18.49 g/t Au containing 19,755 oz and 2,277 tonnes of low-grade material (the remaining material from the 2004 bulk sample) yielding a reconciled grade of 4.23 g/t Au for a gold content of 310 oz. Gold recovery for the bulk sample exceeded 98%.
201942,889 m in 56 holes (surface)
  • Tabasco Zone: known to be a narrow high-grade shear zone in near-surface sediments has been extended to 850 m vertical depth showing continuity and increasing gold endowment with depth as it approaches more favourable host rocks, like the Jérémie Pluton or the Main Gabbro. Highlights from this zone include: 22.73 g/t Au over 48.01 m (FA-19-086), 43.47 g/t Au over 19.00 m (FA-19-103) and 32.18 g/t Au over 9.70 m (FA-19-094).
  • Area 51 Zone: zone tested while drilling the Lower Tabasco Zone. Area 51 system consists of wide intersections of gold mineralization with higher-grade subintervals, such as: 1.46 g/t Au over 227.8 m, including 15.93 g/t Au over 11.22 m (FA-19-052); 1.21 g/t Au over 71 m, including 5.13 g/t Au over 7.29 m (FA-19-080); 1.02 g/t Au over 78.75 m, including 3.28 g/t Au over 17.60 m (FA-19-059); and 0.99 g/t Au over 191.9 m, including 5.00 g/t Au over 12.71 m (FA-19-065).
31,558 m in 167 holes (UG)
  • UG infill drilling program, designed to extend known zones below the 2018-2019 bulk sample development to a depth of 350 m, was performed from the 5150 level and from the 230-m-long exploration drift on the 5130 level (125 m depth).
OreVision® surface IP survey
  • Testing a 600-m strike length of the gold-hosting environment northwest of the Fenelon Gold deposit
2020102,000 m in 163 holes (surface and UG)
  • Demonstrated multi-million-ounce potential of Fenelon Gold System
  • Definition and expansion of zones discovered in 2019
  • Definition drilling outlining high metal factor domains and demonstrating good continuities of gold zones
  • Initial drilling on newly acquired ground from Balmoral Resources greatly expands size potential of gold system
  • Exploration drilling outlining 1.8 km strike length of mineralized Jérémie Diorite

Fenelon 2020 drill hole info (March 26, 2021)

Fenelon 2021 drill hole info (June 2, 2021)